We list lenders that provide the opportunity to extend your sms loan

Sometimes a borrower misses the date when the loan would have been paid off. This can be due to various reasons, such as that you do not have enough money, the battery in the bank box is exhausted or you may simply have forgotten.

In such situations it may be nice to have the opportunity to extend the loan for a small fee. Below we list on Getlend Finance all lenders offering extension of the Getlend.

  • All loans
  • Existing customer


Think before you take out a loan

credit loan

A quick loan doesn’t actually cost you much at all (sometimes not a penny more than what you borrowed), provided you are careful about the repayment. Therefore, before applying for a sms loan, it is important that you first sit down and calculate so you are really sure that you can repay the sms loan on time. If you are not sure about this, you should either consider borrowing or contact a sms lender that offers the option of extending the loan.


Extending can be cheaper

credit loans

If you choose a sms lender who can extend a loan, you should find out how long you can extend the sms loan and how much it will cost. In normal cases, you pay the same interest rate as you do for your regular loan period and you can in any case be able to extend sms loans for at least 30 days. A cost that, after all, can be reasonable considering that you do not then have to risk getting a payment note or any penalty. In addition, you do not have reminders and delays, which are guaranteed to make your loan much more expensive than planned.


More about loan extension

money loan extension

Some lenders offer monthly extensions on multiple occasions, but do not extend the sms loan for too long as the final bill can be very expensive for you. Instead, see the possibility of extension as a kind of emergency solution that is good to fall back on should an unexpected crisis occur. Always try to prioritize repayment of the loan on time.  Here on Getlend Finance you will find several sms lenders who can extend sms loans.

How is your credit rating affected?

When the bank or credit company decides whether you can borrow money from them, they take a credit report to determine your credit rating.

Different credit reporting companies make slightly different assessments, but your credit rating is always determined by your ability to pay, that is, how you have managed your finances in the past. The credit reporting companies use a scale that rates the creditworthiness of the individuals, the scale can be 1 – 100 or just a three-degree scale.


Credit Rating

Credit Rating

The credit reporting companies that use a three-point rating assess your credit rating as follows:

  1. If you have a stable income and have no bad financial past, your credit rating is considered good. If you do not have any major debts and loans, you are ranked and the higher your income, the better your rating.
  2. If you succeeded in drawing a payment note or more, you get a worse rating. Then your credit rating is no longer as good, which means that it can be more difficult to borrow money and sign a contract / contract, such as a rental contract or a subscription agreement.
  3. If you have become insolvent, that is, you have such a bad economy that you have a debt with the chancellor, you get a very low credit rating. Then it is almost impossible to take out a loan and sign a contract.


The ability to pay also affects

credit payment also affects

As you can see, a previously troubled economy may set things right for you, but keep in mind that even your current ability to pay can have a big impact on whether you can get a loan or not.

Your ability to pay is affected by your income and expenses. If you have a high income and low expenses, your ability to pay is considered good even if you have a poor credit rating due to one or more payment concerns.

This means that some lenders can accept payment remarks if your ability to pay is good, especially when it comes to sms loans. There are also banks that can give you a loan with collateral even though you have debts with the kronor bailiff if your ability to pay is good enough, only you settle your debt balance with the bailiff with part of the loan.


Some quick tips on how to get a better credit rating

Some quick tips on how to get a better credit rating

  • Pay your bills on time. The most important and best tip.
  • Collect your loans and credits
  • Get rid of credit cards you don’t use.
  • Use a loan broker, such as CreditAct Finance, to find the best loan options.

Difficult for SMEs to get loans

The emergence of new small businesses plays an increasingly important role in the former agricultural and industrial communities in the Nordic region. In Sweden, 4 out of 5 new jobs are created in companies with fewer than 50 employees and the trend is the same in neighboring countries. Both Finland and Denmark have undergone an IT revolution in recent years a new generation of fintech companies has emerged.

The fact that the Nordic region is a good place for self-employment is clear, in Forbes annual ranking “Best countries for business”, all Nordic countries rank top 20. A couple of things especially mark these countries, low corruption, good infrastructure and high technology. But what is a delight in the cup of joy is the difficulty of finding financing for start-ups. Nordic banks are generally very restrictive in granting loans to companies if it is not a well-known serial contractor.


The EU wants to stimulate business

business loan

The Euro Moneylink Bank, jointly owned by the EU countries, has commissioned by the EU Commission the Investment Fund EIF, which aims, among other things, to invest venture capital, offer guarantees and lend money to SMEs in the EU / ESS area.

USD 20.3 billion in funding for 195 different Swedish projects.
USD 20 billion in funding for 304 different Danish projects
USD 16.8 billion in funding for 210 different Finnish projects

A significant part of this project financing has been EU-guaranteed bank loans, credit lines, guarantee guarantees and business loans in Sweden, Finland, Denmark (EU) and Norway (ESS) intended for micro enterprises. Although Norway is not part of the EU, there are still several well-established collaborations and agreements between them and the Union within the framework of the Horizon 2020 development project.


Business loans without collateral

Business loans without collateral

EU funding has been crucial for a number of small businesses in the Nordic countries, yet these financing opportunities only help a very small part of all capital needs. Therefore, many companies want and need to borrow from the bank, but the major banks make more money for private individuals and households, while the risks of lending are considered lower for these groups, therefore the interest is generally cool for corporate lending.

In the vacuum that has arisen, a number of smaller lenders have begun offering unsecured corporate loans. Instead of allowing public limited companies / trading companies themselves to provide security, they let the company signer / company owner act as a personal guarantee. This means that he / she assumes personal responsibility for the debt being repaid in its entirety, even if companies, for example, go bankrupt.

The fact that more credit institutions are now entering the match if corporate customers are positive, this gives more businesses access to capital, while increased competition can in the long run push down interest rates, which today are often unreasonably high for corporate loans. Similarly, it is important that the opportunities for companies to compare the costs of different financing alternatives be improved.


Innovative financing methods

loan financing methods

In the scenes, a bank revolution is underway, driven by new innovations. Digital platforms for crowdfunding and peer-to-peer loans, new currencies such as cryptocurrencies and more efficient payment solutions and faster credit ratings are all examples of a market that is undergoing a major change.

Exactly what the financial market will look like in 10-20 years is hard to say, but there are signs that a lot may look different then. Finland today has the largest crowdfunding market in the Nordic region, and is estimated to account for approximately one-seventh ($ 56 million – 2017) of investment capital ($ 349 million – 2017) that start-ups take in externally. USD 56 million may not seem so remarkable, but then you should consider that lending doubled from the previous year ($ 28 million – 2016). Right now, the trend is clear across most of the world, crowdfunding is gaining ground almost everywhere.

At the same time, the technology on the development drives several other fronts, for example, more and more transactions are happening online and digitally instead of with cash. The opportunities to create new structures and markets have never been greater than they are today, the question is probably not about, but rather when one of the world-leading global companies Google, Facebook, Apple or Amazon decides to create and offer some kind of banking service to its users.